About USD 2.8 trillion is set to be invested in energy globally in 2023, USD 1.7 trillion of which will go to clean technologies. The remaining roughly USD 1 trillion is expected to be invested in fossil fuels.
IEA said that while a shift to renewables is underway, fossil fuels are expected to continue to drive growth – with oil and gas spending expected to rise 7% this year. Coal demand still remains high in some markets, and the shift from these assets may not be occurring fast enough, as coal investment is pacing to be six times above what IEA envisions for its 2030 Net Zero Scenario.